Mr Nuttaphong presents SC Asset's acquisition in Boston. The company plans to hold the property for at least three years.

SET-listed developer SC Asset Corporation Plc, a property arm owned by the Shinawatra family, will spend US$30 million (954 million baht) per year to invest in an urban rental apartment in the US to diversify its business risk.

Chief executive Nuttaphong Kunakornwong said the first location will be in Boston, where there are many schools and universities. SC will spend $25-30 million to buy a fully-occupied apartment that is expanding with a new phase, scheduled to be completed in the fourth quarter this year.

"The rental market in major US cities is very strong, with an occupancy rate of 90%, driven by tenants who work in the tech sector," he said. "After exploring since last year, we plan to sign the deal in the middle of this year."

SC aims to hold it for at least three years before looking to sell. The internal rate of return will be between 15-20% and rental yield is 4% per year, with an expected growth rate of 5-10% annually.

"Overseas investment is a part of our diversification plans," said Mr Nuttaphong.

"Many are concerned about the global economy as China's growth slows and interest rates rise. Uncertainties such as the trade war and Thai politics make diversification necessary."

This year SC will launch 13 new projects worth a combined 22.7 billion baht. Of the total, 12 sites will be launched in the second half as sentiment in the first half will be affected by the new loan-to-value (LTV) limits and the general election.

The new projects will comprise nine single house and townhouse projects worth a combined 6.5 billion baht and four condo sites worth a combined 16.2 billion.

One of the new condo projects will be a joint venture with Japanese conglomerate Nishitetsu Group.

The Crest Park Residences with 400 units worth 3.5 billion baht will be located on a nearly two-rai site opposite CentralPlaza Ladprao.

SC aims to have 22 billion baht in presales and 19 billion in revenue, up 46% and 22% from last year, respectively.

The revenue target was cut from 20 billion baht set two years ago as the company is concerned about an impact from the new LTV.

"We will monitor the impact from the new LTV month by month," he said.

"We may extend the down payment period for an additional three months for buyers of single houses and townhouses who are affected."

The LTV limits that will take effect on April 1 boosted sales from low-rise houses in February this year, which was better than usual at 300-400 million baht per week, compared with the usual 200 million baht.

SC shares closed on Tuesday on the SET at 3.02 baht, unchanged, in trade worth 5.57 million baht.